The QBE Insurance Group Ltd (ASX: QBE) share price surged after a leading broker upgraded the stock while others lifted their valuation on the stock.
The QBE share price soared 6% to its highest level this calendar year at $9.52 during lunch time trade while the S&P/ASX 200 Index (Index:^AXJO) was flat.
QBE share price upgraded to “buy”
A recommendation upgrade by UBS could explain the QBE share price outperformance. The broker upped its rating on the stock to “buy” from “neutral” as it believes the bad news is more than reflected in the current…